The Real Deal Miami

Motel in MiMo District sells to Miami investors for $5M

It last sold in July 2009 for $2.1M and was renovated that year

September 02, 2015 12:45PM
By Katherine Kallergis

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Motel Bianco

Motel Bianco

A 1940s motel has sold for more than two times its last sale in 2009, Miami-Dade County records show.

Emperatore Holding LLC sold the 39-key property to Megapolis Corp. and Casa Bella – Toy 14 LLC last week.

The 12,452-square-foot motel, at 5255 Biscayne Boulevard, sits on a 0.64-acre lot. Motel Bianco was built in 1947, according to Miami-Dade property records. It last sold in July 2009 for $2.1 million, and was renovated that year. Amenities include parking, a business center and a laundry room.

MiMo, which is located between 50th and 77th streets along the boulevard, was known for its run-down motels. Now, the area has seen a transformation with a steady influx of trendy shops, good restaurants and new office space.

In March, the buyers sold three hotels in North Beach for a total of $28 million. Francisco Martinez-Miyashiki is listed as a registered agent on their corporate records. Miyashiki is vice president of Pegaso Corp., a Miami-based real estate company.

The seller of Motel Bianco is an Aventura-based LLC led by Jose Licata.

In August, developers of the nearby 64 Park Place launched sales. The mixed-use condominium, at 6443 Biscayne Boulevard, will include 68 units and ground-floor retail when completed in late 2017.